Look out housing market, millennials are on the move

Every spring, I like to take a look at the housing numbers, all of the stats associated with buyers and what they are looking for so that I can help you improve the value of your homes.

I’ve always known that even if you are not planning on selling today, making smart upgrades to your front and backyards have long-term dividends when it comes to home valuation. What I couldn’t predict was the colossal impact that this new generation of buyers will have on these outdoor spaces and how they want to use them.

The numbers continue to roll in about the size of the millennial population and many online sources put this group at up to 25% of our countries entire inhabitants. That is a massive demographic when it comes to marketplace impact.

At between 20 and 35 years old, these buyers are just now starting to search for their first homes. Much later than other demographics, the average millennial is starting to buy at age 30, in part to high real estate costs and even higher student-loan debt (National Assoc. Realtors).

Millennials are expected to account for up to 35% of home sales in 2017 as over 90% of this group considers owning a home an immediate priority.

So what do millennials want in a house?

Surprising, location has dropped in the priority list according to Century21Canada. Instead, millennials continue to choose more space over proximity to work. Millennials want yards on a budget.

Ideal homes for millennials have great character. They are drawn to good curb appeal, with houses that have front yards that set them apart in suburban neighbourhoods.

They shy away from houses that all look the same because of their need to share their lives with their social groups. Having a home that is visually appealing is very important to them.

When it comes to the backyard, millennials have embraced gardening like none before! Young homeowners are choosing wholesome hobbies like knitting, canning and even urban-farming as a movement away from tech-related endeavors.

When asked, this generation wants to ensure that their children have hands-on experiences in growing their own food or making their own clothes.

This is great news if you currently own a starter home and are thinking about moving into something larger in the next five to eight years.

Just make sure to focus your outdoor renovations on curb appeal and backyard vegetable gardens and you can pretty much guarantee yourself some interested buyers!

Carson Arthur is an outdoor design and lifestyle expert and TV personality. Visit him at www.carsonarthur.com.